Installment loans are granted by both banks and loan companies. All these institutions are a quick source of cash, but differ in repayment terms. Recently, however, installment loans over the internet have become particularly popular. Such a loan will be obtained by a student, a pensioner, the unemployed etc. Loans in installments can be granted on proof, without certificates, and even at home with the client or via the Internet. It is a very convenient solution, thanks to which you can borrow a larger amount to finance an investment that is important to you. It can be renovation of a flat, buying a car or paying for a family vacation.
Non-bank installment loans are characterized by higher payments than payday loans, but they give the possibility of obtaining a higher amount (up to USD 25,000) and have a long repayment period (up to 48 months). By taking out an installment loan, you can get more cash with a relatively low monthly installment.
When choosing any form of loan, pay attention not only to the level of interest, but also to all costs associated with granting a loan online.
Monthly installment – installment loan
Installment loans are one of the most popular financial solutions that allow you to get money for any purpose in a few moments. Anyone who decides to take out a loan should plan it “A to Z”. The cost of the installment loan is made up of many factors. Belong to them:
- maximum installment we can afford and repayment time;
- interest rate: it can be a maximum of 10%;
- commission: it is a percentage of the sum borrowed (it is always worth checking exactly how much it is so as not to overpay);
- Preparation fee: the amount charged for the preparation of cash, documents and loan agreement as well as customer verification – it may be even ¼ of the loan amount;
- administration fee: the costs associated with managing your active loan are charged monthly together with the installment and are usually min. 25 USD;
- additional fees, if any: service charge in the customer’s apartment, payment request, telephone prompt, extension of the repayment date.
Non-bank installment loans
In the country, companies offering online installment loans are increasing day by day. Many people, if they find themselves in a difficult financial situation, try to save themselves with a loan online. Installment loans are one of the most frequently chosen products by people who need cash quickly.
Installment loans are a great solution when you plan to spend a lot of money. This loan is intended for people who are unable to pay their debts in a short time. Most often, installment loans are recommended to those who need money to repair or replace broken equipment or repair a car.
Installment loans over the internet give us the option of borrowing different amounts. Thanks to which we will cover these urgent expenses for larger sums, even up to USD 25,000 for a repayment period of up to 4 years.
Those who need more cash and cannot apply for a bank loan can apply for online installment loans. What’s more, we can apply for an installment loan online. The process of applying for an online loan is extremely simple. First, we need to go to the form, select the loan amount and repayment period, and finally complete the application, carefully completing all the fields required by the lender.